Companies need to know how they are doing on the critical performance drivers of market segmentation, value communication and pricing. Ibbaka has made benchmarking easier.

VANCOUVER, BC (PRWEB) APRIL 25, 2018

Pricing is a challenge for many companies. There is a general lack of pricing skills and executive teams struggle to know if they are executing on the pricing strategy that will drive value. The first step is to get a general picture of how well one is doing on pricing. The real problem goes deeper. Surveys from organizations such as Deloitte have found that value-based pricing makes a significant contribution to shareholder value. Value-based pricing can only be implemented if there is a value-based market segmentation and the ability to communicate value to buyers. There is a close connection between market segmentation, value communication and pricing.

To help companies get insight into where they stand on their market segmentation, value communication and pricing execution, Ibbaka is providing a free self-diagnostic tool. Companies are invited to answer a series of questions on each theme and are provided with a report that indicates how they are doing on each of these critical business activities, and where they should focus their efforts in order to improve.

"This tool gives you quick insight into your marketing and pricing strategy and shows you where you need to improve. This can have an immediate impact on strategic pricing decisions," says Reg Nordman, a partner at Rocket Builders and expert of aligning sales and pricing strategies.

Ibbaka will use data from the self-assessment to help companies benchmark themselves against best practices. Companies will use this information to align pricing with their wider strategy and to see where they need to build capabilities.

We are living through a unique period in which innovation and commodification are both accelerating. This is being driven by more systematic approaches to innovation, widespread access to web resources including artificial intelligence and machine learning and aggressive investment. Pricing expertise is the key strategic lever that companies can use to make sure they are getting a return on their investments in innovation and responding effectively to competitive pressure.